The pair continued to make gains in overnight trade, rising above both the 100-day and (Y102.04) and 200-DMA (Y102.13) before peaking at Y102.16 in NY. The pair started in Asia at Y102.12 but continued to ease from the high traded overnight to around Y102.07 initially. The pair briefly recovered off that low after the release of industrial output data but then slips back again soon after. Offers were spotted above the US session high of Y102.16 from Y102.20 while stops are around the Y102.30 region. A positive open in Japanese stocks failed to stop dollar-yen from sliding to a Y102.04 low but the pair was eventually carried back up as Japanese stocks extended opening gains. Dollar-yen rebounded back to Y102.14 briefly and was last holding just off that, at Y102.10. Initial support is now noted at the previous Y101.95 daily high with a close below that expected to confirm a false break of the 100- and 200-day moving averages while a close below Y101.61 would confirm shift the focus back to the key Y101.07-32 support region. Stops are noted below Y101.90 and Y101.60 and above Y102.40.
